Banking

CBN Lifts Forex Market With $210m

The Central Bank of Nigeria (CBN) on Monday, opened the foreign exchange market with the injection of another $210,000,000 to sustain its liquidity.

The Acting Director, Corporate Communications Department of the apex bank, Mr. Isaac Okorafor, told journalists today that the sum of $100million was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. The invisibles segment comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, was also allocated $55 million.

He explained that the releases to successful bidders were part of efforts of the CBN aimed at further enhancing ease of doing business in the country.

According to him, in addition to enhancing the business environment, boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments are also expected to improve tremendously.

Speaking on market conduct, Okorafor enjoined authorized dealers to abide by the extant rules of the forex market as the apex bank would continue intensify monitoring of the market.

Meanwhile, the naira maintained its steady exchange rate against the United States dollar, today, exchanging for N361/$1 in the BDC segment of the market.

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